https://www.taxtmi.com/caselaws?id=101205 A creditor who obtained only a simple money decree without claiming or enforcing an existing hypothecation is deemed to have waived the security; such waiver bars subsequent claims to sale proceeds and the creditor cannot recover proceeds from the official liquidator. The sale and distribution are governed by the winding-up process, and the creditor must prove its claim before the liquidator rather than seek payment after obtaining a bare money decree. The petition for payment of the sale proceeds is dismissed on that basis. en-us Wed, 01 May 1985 00:00:00 +0530 Wed, 08 Feb 2012 18:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101205 A creditor who obtained only a simple money decree without claiming or enforcing an existing hypothecation is deemed to have waived the security; such waiver bars subsequent claims to sale proceeds and the creditor cannot recover proceeds from the official liquidator. The sale and distribution are governed by the winding-up process, and the creditor must prove its claim before the liquidator rather than seek payment after obtaining a bare money decree. The petition for payment of the sale proceeds is dismissed on that basis. Case-Laws Companies Law Wed, 01 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101205